FTC: Ex-Pioneer Chief Executive Officer cannot appeal order barring from Exxon Board.

The Federal Trade Commission announced on Tuesday that Scott Sheffield, founder and former CEO, of Pioneer Natural Resources could not directly challenge an order from the Biden era barring him to ExxonMobil’s board following its acquisition of Pioneer. However, it added that the FTC would review the order anyway.

The FTC's three Republican Commissioners voted unanimously against Sheffield's bid for procedural reasons, but the agency will consider his arguments in accordance with a rule allowing the commission to reconsider previous decisions.

Andrew Ferguson, the FTC chairman, criticized the order that barred Sheffield last year from Exxon’s board due to concerns that he might coordinate with members of the Organization of the Petroleum Exporting Countries. Ferguson, a FTC commissioner at the moment, claimed that the order exceeded the FTC's powers. Lina Khan, then Democratic Chair of the FTC, led it at that time.

Sheffield stated on Tuesday that he "stands by my belief" that the original government decision was an unjust and gross overreach.

The FTC

Reviewing

The order barring Sheffield and Hess CEO John Hess from Exxon, as well as a similar one keeping Chevron CEO John Hess away from the board after Chevron announced its plans to buy his company.

(source: Reuters)